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Healthcare providers face an array of challenges in the realm of B2B payments, with one of the most critical being the exorbitant costs associated with the intricate and time-consuming nature of these transactions. Astonishingly, the processing of approximately 30 billion healthcare transactions can typically incur costs totaling a staggering 205 billion dollars.
While the processes for Consumer-to-Business (C2B) and Consumer-to-Consumer (C2C) payments have undergone significant streamlining in recent years, innovation in digital Business-to-Business (B2B) payments has been slower in comparison.
One of the key reasons for this lag is the inherent complexity and notably larger transaction volumes that come with B2B payments, making the transition to digital solutions a more intricate endeavor for businesses. This trend applies to business of various caliber from SME’s through to healthcare providers and insurance companies.
However, recently businesses have begun to rapidly transition to digital payment solutions for B2B transactions, leaving behind more traditional methods like checks or wire transfers. The primary driver behind this shift is, ultimately, the pursuit of efficiency and modernization. Digital payments offer unparalleled speed, allowing for near-instantaneous fund transfers, which is vital in today’s fast-paced business environment. Moreover, they provide superior data management capabilities, enabling businesses to streamline financial operations and gain valuable insights.
Specifically, healthcare institutions that transition to digital B2B payment systems can enhance their ability to oversee supply chain payments and financing, expedite medical claims reimbursements, reduce invoice processing times, facilitate timely supplier payments, streamline insurance claims and billing processes, and realize a multitude of advantages.
Read our whitepaper to find out how B2B healthcare payments are being revolutionized by fintechs and what you can do to get the edge in the market.
